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RBI Cuts Interest Rates

RBI Cuts Interest RatesRBI Cuts Interest Rates

India’s central bank has cut a key interest rate to its lowest level for nearly six years, in an effort to boost the economy, BBC reported. The bank cut its benchmark repo rate to 6.25% from 6.50%. This was the first interest rate review under the new governor of the bank, Urjit Patel, who took over last month. While Patel’s predecessor was in sole charge of rate setting, this latest cut was decided by the newly formed monetary policy committee. The bank did not say how members of the six-strong committee voted.

 

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